A business can be structured differently depending on the goals of the business founder. When starting a new business it's important to consider which structure will be most appropriate, as each option offers pros and cons.
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When starting a business, many entrepreneurs get confused between the Australian Business Number (ABN), Australian Company Number (ACN), and a business name. An ABN identifies your business and is...
Another easy way to understand the difference between ABN and ACN is that all businesses have ABN, which stands for Australian Business Number. A business can be structured as a sole trader, partnership, trust or companies. If your business is run or legally structured as a company, you will also need to register an ACN, which stands for Australian Company Number. A company will also have an ABN, but is separate from an individual's ABN.
Using a wrong or invalid ABN can have grave consequences. You can lose your income, pay thousands of dollars in penalties or even face up to 2 years of prison time. The ATO will consider many...
The right business structure depends on your plans, finances, risk appetite and taxation. Sole traders and partnerships are the simplest structure, but you are personally liable for the...
If you need your company name to be different than your legal name, you must register the business name as the company's trading name. You can register at the Australian Government Business...
Now that ASIC is managing business names for all of Australia, the process and cost to register a business name in NSW is the same as elsewhere. Everything can be done online. As a word of caution, stay away from business names that are related or sound like big brand names because there have been cases where corporations sue small businesses over names.
Is it compulsory for a small business to have a company name or can it trade under an ABN? If a business name offers different services it is OK to have one name? Is there a service where people...
When changing your business structure, you may incur a hefty capital gains tax bill, such as from a sole trader to a separate legal entity or company. However, the ATO has provided a rollover relief...
Company or sole trader? I think I recall seeing somewhere you can search on a persons name, but now I can't find it.
Some private investigators & lawyers can access deeper level non public records for a fee. The public ones are mainly a case of working backwards from the known legal business name, company or entity.